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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Intel-Backed Horizon Robotics Targets Up to US$696 Million in Hong Kong IPO


Horizon Robotics, a Chinese provider of software and hardware for autonomous driving systems, is seeking to raise up to HK$5.4 billion (US$696 million) through its Hong Kong IPO, marking one of the city's largest deals of 2024. The company, backed by Intel Corp, will offer 1.36 billion shares priced between HK$3.73 and HK$3.99 each, according to its listing document.

The IPO is set to begin taking orders on Wednesday, with trading expected to start on October 24. Notable cornerstone investors, including units of Alibaba Group Holding Ltd, Baidu Inc, and a fund linked to the city of Ningbo, have committed to buying about US$220 million worth of Horizon Robotics shares.

Founded in 2015, Horizon Robotics is led by Kai Yu, an AI scientist and former Baidu executive, and is positioning itself alongside other Chinese autonomous driving firms preparing to go public, such as Pony.ai and Shanghai Westwell Lab Information Technology Co.

However, the market for autonomous driving IPOs has been mixed. In August, Black Sesame International Holding Ltd, which specializes in chips for autonomous systems, saw its shares fall 8% from their IPO price. Horizon Robotics' IPO is being managed by Goldman Sachs, Morgan Stanley, and China Securities International as joint sponsors.

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